Agree with this. They never shared their decision with community. And it should not blame everything on weather changes, just because we are in a down market doesn’t mean they can change the rules at will. Most importantly, since they were aware of the market change, they shouldn’t have sold huge amounts of $LAY in the second round of IDO, which is the most direct cause of the listing price.
I highly approve of the quality of the Starlay project itself, which is why Starlay has attracted huge funding in the past few months. However, I am now very distrustful of Starlay’s team, I think they lack enough transparency, they just make their own decisions and don’t share them with the community, which goes against the core idea of Web3.0 and what sota has always stood for
Trust is everything in crypto. So starlay Team should again come up with better plans and ideas to regain their trust from the community because it’s just the beginning.Lets expect better ecosystem after such a initial bad impression.
I’ll probably vote to out them tbh due to poor communication on more than one occasion and misleading investors. They aren’t transparent with the community, they state they will be more transparent (the 1M whale) while doing the complete opposite when it came to the next scandal within 2 weeks (Lay’s token value of “.30¢” when it was actually “.03¢”. Not only that, they only put in $119 of liquidity pool for trading which felt half assed (ICO money wasn’t used for liquidity until after communication with astar and backlash with the community) or over-estimated $Lay value (not the first time). You can also throw in tarnishing astar’s brand in there with people associating Starlay being supported by astar as Astar supporting Starlay’s actions which isn’t the case. This also doesn’t help as Starlay holds majority of the TVL on astar. I’d say cut off Starlay despite it being the biggest dapp as it will do more damage down the road as they shown they don’t really care as they done the same with the other two projects Muuu finance & Kagla Finance with liquidity putting in only 120-200 worth of initial liquidity despite ICO funds raised
Trying to be constructive as a token holder and representing seed investor DAO. Ways to resolve the situation
- Launch high APY lending of lay with 3 , six and 1 year locking
- List on CEXs after that
- Work with CEX to enable lending of lay through CEX wallet
- Work with IRL companies/ launch own IRL lending products for FIAT lending in crypto friendly countries to launch high APY/APR products to create real value. This is bear market. We need to take our products to new users innovatively. JPN, SG, Estonia can be targeted.
- Setup a DAO. Collective decision making is slow but more rational
However, in light of the recent incidents, we noticed that the Starlay team has not been putting on their best practices. Below is the list of incidents that occurred:
- About 2 weeks ago they disregarded their own IDO rules and allowed an investor with a large sum of money to invest in the first IDO after the timer had finalized (for their native LAY token). This was corrected after backlash from the community.
- Throughout the month, they published higher price estimates for their LAY token and misled the public and the investors.
- The First IDO was priced and sold at $0.15. The second was priced at $0.029. It was later then listed on ArthSwap at $0.03, far below the initial IDO sales price. At the time of writing, the token is trading at $0.004.
- A small amount (in the 2-3 figures) was provided for liquidity for the native token LAY upon listing.
- The recent actions of Starlay Finance have garnered distrust from the Astar community. This is evident in their Discord channels and on their Twitter account. The public’s trust and view of Astar Network is negatively affected by these actions.
- This combination of actions lead to an immediate sell off and large losses for many of the investors. This sparked a chain of events that has now led to some community members to make accusations of “scam” in regard to Starlay, as well as the Astar Network.
i think we should no longer support such project as bad practices happened.
its like giving your murderer another bullet to shoot you after they missed the first.
I’m sorry but I have to say that Starlay has had a very bad effect on the Astar ecosystem as a whole, and it’s not an exaggeration:
- Starlay, as Incubation Program and Buliding Program, enjoys the full support of Astar and Sota, but does such a stupid thing! This is completely not something a professional blockchain team could do to discredit Astar Network ecosystem.
- The so-called DeCartel led by Starlay, including Kagla and Muuu, are totally centralized products. Squeezing the living space of other projects of Astar Network ecosystem and inhibiting the innovation of Astar Network. Is it hard not to think that Astar’s entire ecosystem was entirely created and controlled by Starlay’s team?
- It is an inevitable result that people’s glasses are bright and TVL is rapidly decreasing. But what is more terrible is that many users have lost confidence in Astar Network since then. You can go to each community and see that there is a lot of abuse everywhere! Yeah, they’re gone, they’re not coming back again.
Butt to head is what Starlay did, very unprofessional! Starlay is not too big to fail, on the contrary, Starlay will be replaced as soon as a new lending platform is created. We hope Astar team can deal with it decisively, cancel the qualifications of Starlay’s Incubation Program and Buliding Program, save the whole Astar ecosystem, and support more innovative and professional blockchain teams that work seriously. Such as AstridDAO, Sirius Finance, Avault, etc.
Trust has been broken, and in this fragile ecosystem, trust is a foundation to success and movement.
Trust has to be rebuilt from Starlay toward its community.
Even if Starlay remains in the dapp staking program, dapp stakers will only gravitate toward starlay if starlay is trustworthy, ergo at the heart of all matters Satrlay has to regain the community heart by showcasing a solid roadmap to fix what has been broken.
Why not follow what we do at AD DAO. Its a working governance model.
Protocol decisions can go through
1.a community vote ( or at least through a community electe council)
2.a token holder vote on snapshot
I personally feel venting anger is not going to resolve. I believing Decentralising protocol decision making through DAO (community / elected council vote and snapshot votes) will help regain trust.
First, I deposit/borrow since starlay team estimated LAY at 0.1$, so I considered myself to be early contributor. Here is an early contributor feeling.
Starlay team raised LAY from 0.1$ to 0.3$, after they published a detailed fundamental analysis of why they think 0.3$ is reasonable price. I read the analysis thoroughly and I thought that seemed to be fairly reasonable (even though there were some doubts of starlay will get as big as aave). So I myself thought that even if the listing price back to 0.1$, it will still be profitable to yield farm in starlay. I took risks early on and exposed myself to all sorts of troubles like rugpulls.
Fast forward, the IDO price they announced is 0.03$, which means I got a merely 3% APR even I took risks and supported the dapp early. And what made it worse is that the team didn’t even provide liquidity, they want the market to “freely” determine LAY price. And the price dumps to 0.004$, now all of my yield is basically 0. I felt betrayed and frustrated. What the did to early and loyal contributors was unimaginable. I lost all of my trust in starlay and even astar ecosystem in general, because every core projects in astar are related to starlay.
No remedies were proposed from starlay team at all. All they did was silence. I have a feeling that they don’t even try to propose one.
What do you think, Starlay team?
We really want to hear your thoughts.
I participated in ido’s second token sale.
I think the explanation of the operation is insufficient.
More management should take care of investors, listen to their opinions, and reflect them. However, I think the project itself is worth it.
I would like all the investors involved in IDO to make up for it in some way. And I hope to hire a well-experienced member and start again.
Agree. In fact, many meme rug token have more than $119 initial liquidity. Starlay, as a top project with a TVL of $100M and raised $2M money, only injected $119 initial liquidity, which is really very humiliating for Astar Network and sota.
DAO with comunity members before MAKE DECISIONS!
I agree with this opinion. It should be reborn from starlay for core team to starlay for community.
※This is my personal opinion.
I think the biggest problem is the lack of transparency. starlay needs to change governance. The following two points are required for starlay.
1, Starlay should discuss important matters such as rule and price changes with the community.
2. External participants (eg Astar core members) participate in decision making and lead to the right choices.
※This is my personal opinion.
Thank you for the opportunity to say my opinion. I’m the founder of Starlay and deeply apologize for causing confusion. I would especially like to thank Ramz, Rabin, and others for creating a forum for constructive discussion.
I am reading your reply above now. Please wait for a while for my response.
No need for opinions; you had plenty of opportunities to put those things out there on Twitter, Discord, etc.
What do you perceive as the cause of this credit collapse?
How do you plan to remedy the situation?
And most importantly, when will you implement it?
What is needed to restore credit is “action” by the management team.
For starters, you should set a timeline for when you will issue a statement to the forum.
what makes you think that lay is still qualified for a cex?
a collapsing tvl?
a unsolved dispute among investors at large loss?
①.Immediately suspend listing and postpone
②.Airdrop or burn 3 times the purchase amount of LAY(from core team asset)
③.1st IDO Sale’s Lay lock release Immediately or sale refund (Dollar valuation at that time)
No apology is required, it is a natural act to do your best.
I think that trust will be restored if we take appropriate financial compensation and cut ourselves.
If you don’t do that, you’re done and it’s a scam.